Extensive Knowledge or Wealth?

February 10, 2012

by Ankur Jetley (Premium Quality Collectibles)

In this or any hobby, which would you rather have: Extensive wealth or extensive knowledge?

At first many of us may jump at the extensive wealth thinking that money will lead to knowledge. But there is an old saying that a fool and his money are soon departed! This statement holds very true in numismatics. We have read horror stories about brokerage firms tricking the elderly by selling coins for multiple thousands of dollars, in many cases their entire retirement funds, and providing those worth substantially less. Thankfully this is less commonplace today, but even today many collectors entering the hobby may have deep pockets, but not the knowledge on how to put the money to good use.

Knowledge is power, it is as simple as that. If you are able to learn how to grade, and spot problems in coins, you will do well. I know that every day I look at coins, I learn more and more about them. Now some of you may still not be convinCed and will say that with extensive money, you can hire an expert who will guide you in the right direction. In some cases this may work, but how do you know the expert you have hired is not swindling you and giving you pennies on the dollar in return? Sadly in numismatics, there are many dishonest people who will try to take advantage of those who are uneducated. I have seen examples of this at shows where prices seem to fluctuate greatly when someone is naive versus knowledgeable.

So for those who are entering this great hobby, and to those who have been at it for a while, take some time to read! There are many books out there that have invaluable information that will benefit you in the long run and help you make proper decisions. In collecting we will all make mistakes. The hope is that the mistakes are small, and do not cause significant financial loss. Speak to others in the hobby and join message boards. Ask as many questions as you need to in order to learn! If you feel that you know a trustworthy person in the hobby, learn as much from them as possible. Many shows offer courses in grading and how to detect doctored coins. Take full advantage of these!

But most of all, remember to have fun!

About Ankur Jetley

Ankur has been collecting since 1991, starting with just reading comic books and eventually moving on to vintage comics, comic art, coins and other Americana. He began collecting coins in 2006 after seeing the first 1 oz. gold Buffalo. Today he has a vast collection of early US type, many of which are stickered by CAC. Ankur describes himself as a pure collector at heart and is always adding to his collection. In addition, Ankur recently founded and currently moderates the Unofficial CAC Collectors Forum.